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Annual report pursuant to Section 13 and 15(d)

PROPERTY, PLANT AND EQUIPMENT

v3.22.4
PROPERTY, PLANT AND EQUIPMENT
 12 Months Ended
Dec. 31, 2022
Property, Plant and Equipment [Abstract] 听
PROPERTY, PLANT AND EQUIPMENT
NOTE 6 - PROPERTY, PLANT AND EQUIPMENT
The following table indicates the carrying value of each of the major classes of our depreciable assets:
December 31,
(In millions) 2022 2021
Land, land improvements and mineral rights $ 1,388听 $ 1,291听
Buildings 921听 889听
Equipment 9,289听 8,709听
Other 238听 229听
Construction in progress 552听 408听
Total property, plant and equipment1
12,388听 11,526听
Allowance for depreciation and depletion (3,318) (2,340)
Property, plant and equipment, net $ 9,070听 $ 9,186听
1 Includes right-of-use assets related to finance leases of $408 million and $411 million as of December听31, 2022 and 2021, respectively.
We recorded depreciation expense of $988 million, $848 million and $298 million for the years ended December听31, 2022, 2021 and 2020, respectively. Depreciation expense for the year ended December听31, 2022 includes $23听million of accelerated depreciation related to the decision to indefinitely idle the coke facility at Middletown Works and $68听million of accelerated depreciation related to the indefinite idle of the Indiana Harbor #4 blast furnace.
During the year ended December听31, 2022, we announced the permanent closure of Mountain State Carbon, which resulted in a $29听million asset impairment charge.
The net book value of the mineral and land rights are as follows:
December 31,
(In millions) 2022 2021
Mineral rights:
Cost $ 780听 $ 780听
Depletion (225) (187)
Net mineral rights $ 555听 $ 593听
Land rights $ 434听 $ 406听
We recorded depletion expense of $38 million, $46 million and $8 million for the years ended December听31, 2022, 2021, and 2020, respectively.